Could a bankers' oath restore virtue to the sector by providing a sense of duty that guidelines have failed to provide? Photograph: Lefteris Pitarakis/AP

Over the course of this parliament, the coalition has embarked on a significant programme of financial reform to address the failings of our banking sector. The banks' actions not only led to financial crisis and ensuing recession, but also to the public losing trust and confidence (through a plethora of scandals) in what is arguably our most important sector.

Reform was inevitable and the focus so far has been directed towards creating a more stable financial sector through the Independent Commission on Banking Standards, Financial Services Act, Banking Services Act and the Parliamentary Commission on Banking Standards. The outcomes of these have set the wheels in motion towards creating a more stable and responsible financial sector in an effort to avoid any future crises on the scale of 2008.

While there is still a long way to go, the coalition can be proud of these achievements and it is imperative that the next government builds on what has already been achieved. However, despite five years of reform the public retains its distrust for bankers and the services provided fail to meet the diverse financial needs of society.

A focus on financial stability alone fails to address the root cause of the crisis, which we believe lies in the inherent lack of virtue among our banking institutions and subsequent ethos. This led to a self-serving culture that influenced the behaviour of bankers. Without attempting to address this and restore virtue to the sector, the current approach to reform will do little, if anything, to improve the underlying culture of British banking or stem the tide of scandal.

In contrast to a rigid moral regime that most ethical systems call for, the theory of virtue recognises that people's needs are all different and as a result, argues for the fulfillment of those needs in all of their distinctness. Applying this theory to banking reform means that our banks should, to the best of their abilities, attempt to meet people's diverse financial needs, and should not simply focus on self-enrichment or basic transactional services.

Banks perform crucial functions that are vital to our everyday lives, providing savings and retirement options, enabling us to become homeowners and prepare for our future. Their purpose goes beyond macro-economic concerns and extends to the long-term prosperity of customers. Advocating for more virtue in banking is a call for the re-introduction of an economic and social purpose to banking that is vital if we are to get the banking sector we deserve.

One way this can be achieved is by requiring all members of the banking profession to affirm a Hippocratic-style oath, where employees publicly voice their commitment to behave in a manner that prioritises customers and recognises that the abuse of their position can have dramatic consequences for society.

This bankers' oath would symbolise a turning point for the profession and make a much-needed encouraging signal to the public. Lawyers, doctors and architects all hold a professional motive to not only do the best for their client but also adhere to the well established principles of that profession. In medicine, the Hippocratic oath provides a centre-piece for personal responsibility in the profession and their overarching principles. Banking is no different and in the post-crash era, should strive towards professionalism.

Such a proposal has gained support in our neighbouring countries. In the Netherlands, the Dutch Banking Association has ordered its 90,000 members to swear an oath, with those who break it facing possible suspension or fines. In the US, after discussing the pros and cons of an oath to ensure academic integrity, the Faculty of Arts and Sciences at Harvard University concluded that new undergraduates from 2015 would be asked to affirm the school "honor code", which drew inspiration from a voluntary oath created by students at Harvard Business School.

A bankers' oath would begin to restore virtue to the sector by setting the right environment towards creating a culture for bankers to flourish and provide the right services for their customers. An oath can provide a sense of duty, responsibility and deep-rooted involvement from employees that rules and guidelines have so far failed to provide.